Within Six Hours of Launch, SudoRare NFT Marketplace Shuts Shop🚨
HashingBits | Week- 34
In brief—
Events Under the Spotlight 🔎
SudoRare vanishes with 519 Ethereum
SudoRare, an automated-market maker (AMM) protocol for ERC-721 to ERC-20 swaps, suddenly shut down its services and social media accounts after reportedly making away with 519 Ether (ETH), worth roughly $815,000.
SudoRare website down along with all other social media presence. (Source: sudorare.xyz)
A recent hack on Velodrome Finance was traced back to one of its team members, Gabagool, who later returned the stolen funds worth $350,000.
Gabagool, too, released a note revealing various events that led him to attempt theft, which involved losing funds during the 2022 crypto crash.
He added:
“Not much else to say. I’m extremely stupid, incredibly disappointed in myself and (frankly) unsure about what next, legally speaking.”KaoyaSwap Suffers Flash Loan Attack for over $100,000
Attackers targeted the DeFi transaction platform KaoyaSwap, which is built on the Binance Smart Chain.
The attack was the result of a bad logic of the swap function.
KaoyaSwap’s
‘swapExactTokensForETHSupportingFeeOnTransferTokens’function regards the balance difference of the last pair before and after the swap as the ‘amountOut’.The ‘
amountOut’ BNB is then transferred to the user directly.
This logic doesn’t cause issues if the last pair appears on the swap path just once.
However, if the last pair appears multiple times on the swap path, the protocol could miscalculate the amount that is to be transferred to the user.
Pokémon-themed rug pull nets $708,000
One might think the blatant rip-off of the Pokémon IP (which belongs to a notoriously litigious company) might have been a red flag, but nevertheless, people bought in to PokémonFi—a play-to-earn game that seems like a much worse version of the original thing.
The project and tokens first launched in April. After apparently running off with the money, the project deleted its Twitter account, though its website remained live.
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Cases of rug pull are nothing new, so says the $20 billion figure lost in the past five years to rug pulls alone.
Given the situation, it is natural for investors to think of avoiding risking their funds in any new projects that enter the space.
In contrast, laying apart many other challenges for the projects in the blockchain space, earning investors’ trust tops the list of predominant ones.
Prospective projects that hold the potential for growth of the blockchain space, investors, and the owner deserve to be recognised.
But how do you bring it to action? Here comes the answer for that in the blog below.